Thursday, January 22, 2015

#SBM Q3 net up by 13% to reach Rs 96 crore

State Bank of Mysore (SBM) today reported a 13% growth in net profit at Rs 96 crore for the third quarter ended 31 December, 2014 compared to Rs 85 crore in the corresponding quarter last year. The rise in profit is mainly due to 6.6% growth in net interest income and lower provisions towards non-performing assets.The Bank allocated Rs 101 crore towards NPA in this quarter against Rs 148 crore in the corresponding quarter.The bank has reduced its net NPAs to 3.11% from 4.21% in the year ago quarter.Total income of the bank increased 9.1% to Rs 1,888 crore compared to Rs 1,730 crore in the same quarter last fiscal.